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<\/p>\n Email Link<\/p>\n \n Elon Musk\u2019s big promises apparently no longer seem to be enough for many Tesla investors.\n <\/p>\n \n Shares of Tesla (TSLA<\/a>) fell 9% on Thursday following another dismal earnings report, released after the bell Wednesday.\n <\/p>\n \n Tesla\u2019s earnings and revenue both fell by double-digit percentages<\/a> following the biggest sales drop in the company\u2019s history. The automaker also faces a number of financial headwinds, including the loss of a $7,500 tax credit for US EV buyers starting in October, and the vanishing market for regulatory credit sales<\/a>, which has earned Tesla $11 billion since 2019.\n <\/p>\n \n But Tesla CEO Elon Musk barely talked about that on the earnings call Wednesday, although he did acknowledge the company \u201cprobably could have a few rough quarters.\u201d Instead, he talked about his grand vision for the future, including Tesla\u2019s long-promised robotaxi service<\/a>; and its humanoid robot, Optimus, which is still in development.\n <\/p>\n \n The lack of details about the company\u2019s plans to solve problems in the near term disappointed some investors and analysts.\n <\/p>\n \n \u201cInvestors have been very forgiving of Tesla for several quarters now, despite obvious headwinds to their business,\u201d Garrett Nelson, analyst at CFRA Research, told CNN Thursday. \u201cBut I think its investors are taking a more realistic view of the story at this point. Some of his brilliance has been his ability to keep investors focused on the long term and ignoring the near term and intermediate term. Now, headwinds are difficult to ignore.\u201d\n <\/p>\n \n Nelson downgraded the company\u2019s stock to a neutral rating in April. But even some of the Tesla bulls on Wall Street are saying that the time for Musk to take action is running out.\n <\/p>\n \n \u201cThe street is losing some patience,\u201d Wedbush Securities tech analyst Dan Ives told CNN Thursday, although he said he still believes in the autonomous vehicle and artificial intelligence vision laid out by Musk and Tesla.\n <\/p>\n \n Musk has made big promises about his robotaxi service, including that it would be in service within a year as early as 2019.\n <\/p>\n \n Tesla\u2019s robotaxis finally rolled out in June this year, albeit in a limited portion of Austin, Texas, to friends and fans of the company, and with an employee sitting beside the empty driver\u2019s seat. However, that limited rollout<\/a> wasn\u2019t enough to stop Musk from making extraordinary claims on Wednesday that the service would be available to half the nation\u2019s population by year\u2019s end. To achieve that, Tesla will need to get regulatory permission to operate in two states per week through the rest of the year, including New York, which does not allow autonomous vehicles on its roads.\n <\/p>\n \n Morningstar analyst Seth Goldstein said that while he does believe Tesla will eventually be successful in its robotaxi venture, \u201cthe software will require further testing\u201d and he does not expect a full robotaxi product until 2028.\n <\/p>\n \n But Musk has a history of making grand promises that do not pan out.\n <\/p>\n
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